Japan's Panasonic To Cut 15,000 Jobs, Shut Plants

By: Associated Press
By: Associated Press

As many as 15,000 jobs are about to disappear at Panasonic as the electronics company joins other major Japanese firms making deep cuts during the recession.

Panasonic also says it will close 27 plants worldwide and announced a net loss for the October-December quarter. Panasonic also lowered its forecast for the fiscal year through March to a net loss of $4.2 billion, its first annual loss in six years.

The world's largest maker of plasma display TVs blamed the dismal results on the global slowdown set off by the U.S. financial crisis, the rapid surge of the yen and sudden price drops. Sales slid in a wide range of products, including flat-panel TVs, DVD recorders, microwaves, lamps and semiconductors.

Panasonic says about half the job cuts will be in Japan.

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